Dubai Holding extends repayment on $1.16 bln loan to 2016

2011-08-10 07:48:44

Quote: 18,
the company said on Wednesday. "We already have full lender support to extend this loan
until December 2016 and are currently in the documentation
process", a Dubai Holding spokeswoman said in an email to
Reuters. The loan includes an $840 million conventional tranche and a
$300 million sharia-compliant tranche and was originally due to
mature next week, Thomson Reuters data showed. The Islamic tranche was arranged by Standard Charteredand Noor Islamic Bank, while Mashreq , Morgan
Stanley , BofA Merrill Lynch , Bank of Tokyo
Mitsubishi , Credit Agricole , Emirates NBDand Union National Bank Dubai, the tiny Gulf Arab city state which has been in the
spotlight for its debt woes since late 2009, has struggled to
rebuild investor confidence since state-owned Dubai Worldannounced a $26 billion restructuring. But a string of positive news on debt repayments or
successful rescheduling of maturities, combined with Dubai's
perception as a safe-haven amid regional political strife has
lifted sentiment. Earlier this week, Dubai's sovereign wealth arm, Investment
Corporation of Dubai (ICD) announced it would repay in full a $4
billion loan instead of the expected part-repayment and part-
refinancing. In July, Dubai Holding's main unit, DH Commercial Operations
Group repaid a 250 million Swiss franc bond, and
said the group was committed to meeting its financial
obligations. DHCOG's assets include the Jumeirah hotel group and business
parks and hospitality units. Dubai Holding's private equity arm, Dubai International
Capital (DIC) reached a $2.5 billion restructuring deal with
lenders in December, and Dubai Group, the unit mainly comprising
financial services assets, is currently in talks to restructure
about $10 billion in debt.(Reporting by Rachna Uppal; Editing by Amr...Open whole article (external link)

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